According to Kaing Monika, Deputy Secretary General of the Garment Manufacturers Association in Cambodia (GMAC), the country will not feel the direct impact of Brexit for the time being, despite the United Kingdom being one of the main destinations for the country’s garment exports.
The European Union accounts for about 45 per cent of Cambodia's total garment exports, with the UK as one of the main destinations. Brexit is a very complicated matter and it is too early for them to exactly predict the consequences, feels Monika. Many don’t really know what is going to happen next. The fallout of the momentous Brexit vote is fueling fears of a break-up of the United Kingdom, with repercussions already felt in global markets.
The EU is one of Cambodia’s largest trading partners after the United States and more than 40 per cent of the country's exports head to Europe. Cambodia’s EU exports are given preferential treatment under the Everything but Arms (EBA) initiative for least developed countries.